NBA Salary Cap for 2013-’14 Set at $58.7 Million

The League released its salary cap ($58.679 million) and tax figures ($71.748 million) for next season, and they’re a tad higher than what had been anticipated. Per the press release: “Beginning with the 2013-14 season, tax rates for incremental spending above the tax level will increase. In previous seasons, any team whose team salary exceeded the tax level paid a $1 tax for each $1 by which it was over the tax level. The new tax rate schedule is below: Portion of team salary $0-$4.99 million over tax level: $1.50 for $1, Portion of team salary $5-$9.99 million over tax level: $1.75 for $1, Portion of team salary $10-$14.99 million over tax level: $2.50 for $1, Portion of team salary $15-$19.99 million over tax level: $3.25 for $1, Rates increase by $0.50 for each additional $5 million of team salary above the tax level. The minimum team salary, which is set at 90% of the Salary Cap, is $52.811 million for the 2013-14 season. The current Collective Bargaining Agreement provides for three different mid-level exceptions depending on a team’s salary level. The non-taxpayer mid-level for this season is $5.15 million, the taxpayer mid-level is $3.183 million and the mid-level for a team with room under the Salary Cap is $2.652 million.”